Dangote Refinery extends IPO subscription deadline to October 27

Dangote Petroleum Refinery and Petrochemicals FZE has extended the subscription period for its initial public offering (IPO) by two weeks to October 27, 2026, following approval from the Securities and Exchange Commission (SEC).

The offer, which opened on September 14, was initially scheduled to close on October 13, but the extension gives prospective investors an additional 14 days to apply for the shares.

In a notice to the investing public, the refinery said the extension would support ongoing efforts to expand access to the offer across African markets, including the distribution of shares through additional channels and the implementation of depositary receipt programmes.

The company also said the additional time would allow prospective investors to complete account opening, identity verification and other regulatory requirements necessary to participate in the offer.

While several apps and traditional platforms have been deployed for the offer, Nairametrics gathered that the IPO has hit a record one million unique retail subscriber, led by Bamboo and Moniepoint. Bamboo is said to be doing over 3x the next platform.

Dangote Refinery targets wider African investor participation

Dangote Refinery is offering 4.1 billion ordinary shares at N525 per share, giving the offering a total value of approximately N2.15 trillion.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, said the extension would provide more investors across Africa with an opportunity to participate in the offer.

• “We welcome the SEC’s approval of the extension, which will give more investors across Africa the opportunity to participate in the Offer. From the outset, our ambition has been to enable as many people as possible to participate in the IPO and share in DPRP’s future growth. The additional time will help us extend that opportunity to more investors across Africa,” Bird said.

The refinery said it had received strong interest from eligible investors across Africa and other jurisdictions since the IPO opened.

The extension is intended to widen participation by improving distribution channels and introducing depositary receipt programmes to facilitate cross-border investment.

Depositary receipts are financial instruments that allow investors to gain exposure to shares in a company through arrangements that can make those shares accessible in other markets. Their use can help companies reach investors who may face practical or regulatory barriers to investing directly in the underlying shares.

The latest extension also gives investors more time to satisfy the documentation and compliance requirements associated with the offer.

Revised Dangote Refinery IPO timetable

Under the revised timetable, the application list will close on October 27, while the collation of returns is scheduled for November 3, 2026.

The company will submit its basis of allotment proposal and draft allotment announcement to the SEC on November 10, with the regulator’s no objection expected on November 17.

The transfer of net offer proceeds to the refinery and publication of the allotment announcement are scheduled for one business day after the allotment date.

Investors whose applications are rejected or who are entitled to surplus funds are expected to receive refunds within five business days after the allotment date.

The crediting of successful applicants’ Central Securities Clearing System (CSCS) accounts, and the commencement of trading in the shares are scheduled for 15 business days after the allotment date.

Dangote wants to democratize wealth with IPO

Speaking during the flag-off ceremony of the IPO on September 14, Aliko Dangote, President and Chief Executive Officer of Dangote Industries Ltd., said the Refinery IPO would democratise wealth creation for ordinary Nigerians and investors globally.

Dangote had described the offer as a historic moment for Nigeria’s capital market and the Dangote Group and Africa, saying it would enable ordinary Nigerians and investors globally to own shares in one of Africa’s major industrial projects.

The ceremony witnessed the Nigerian Exchange Ltd. formally opening the N2.15 trillion IPO comprising 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250.

The subscription opened through about 55 digital channels spanning 20 banks, two mobile money operators, NGX’s Invest platform and 32 fintechs, in a push to reach 10 million investors. The IPO closes on October 13, while listing on NGX is expected in November.